Italy regulator only got generic info on Monte dei Paschi's board meeting :source
Reuters
Published Dec 12, 2016 01:26PM ET
Italy regulator only got generic info on Monte dei Paschi's board meeting :source
ROME (Reuters) - Italy's market regulator Consob has only received "preliminary and generic" information regarding Monte dei Paschi's board meeting on Sunday which sought to breathe new life into a privately-funded rescue plan, a source close to the watchdog said on Monday.
Italy's third biggest lender said on Sunday it would press ahead with a last-ditch plan to raise 5 billion euros ($5.32 billion) on the market by year-end after the European Central Bank refused to give it more time to recapitalise.
The eleventh-hour private solution being drawn up by the bank, advised by JPMorgan (NYSE:JPM) and Mediobanca, involves reopening a debt-to-equity swap offer. This needs Consob's approval.
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Written By: Reuters
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